Baosight(SH:600845) Guoxin Securities·2025-04-06 09:13Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company's overall performance is under pressure, with a significant decline in profits in Q4 2024. The projected revenue for 2024 is 13.644 billion yuan (+5.64%), while the net profit attributable to shareholders is expected to be 2.265 billion yuan (-11.28%) [8][3] - The core business segments are showing stable growth, with software development and engineering revenue at 9.910 billion yuan (+6.31%), and service outsourcing revenue at 3.656 billion yuan (+4.73%). However, system integration revenue has decreased significantly [8][2] - The company is expected to benefit from the growth of the AIDC industry and increased domestic production efforts in PLC, with successful project bids indicating potential recovery in IDC business [2][3] Financial Performance Summary - The company's gross margin for 2024 is projected to be 34.77%, a decrease of 2.15 percentage points. The operating cash flow has also seen a significant decline, with a net cash flow from operating activities of 1.671 billion yuan, down approximately 35.9% year-on-year [2][18] - The company has completed significant related transactions with Baowu Group, amounting to 6.399 billion yuan in 2024, with expectations of further growth in 2025 [2][3] - The financial forecasts for 2025-2027 indicate a recovery in net profit, with estimates of 2.800 billion yuan, 3.311 billion yuan, and 3.804 billion yuan respectively [3][4]